The non-fungible tokens are already here, they have become the boom of the world crypto market, not in vain is information about it published daily in the largest digital media. In previous articles we have been analyzing what NFTs are and why we are interested in knowing them, then we reviewed a little the history that gave rise to this phenomenon and we got to know some of the most famous NFT projects.
In this third installment, I invite you to analyze together how NFTs have been used so far and the potential uses that they can be put to. We are in a moment of constant innovation in digital business relationships, thanks to the use of the blockchain, so I consider it important that we continue to prepare ourselves to take advantage of all the advantages that only knowledge can provide us.
NFTs and their contribution to the development of digital art
In an environment where anyone can copy, reproduce and edit digital works of art, artists have found it quite difficult to protect and preserve copyrights, however, the non-fungibility afforded by Etherum's ERC721 and ERC1155 protocols to works of art has created enormous opportunities for digital artists.
The path is also shown by Mike Winkelmann known as “Beeple”, who, as we discussed in previous articles, was able to auction his work 'Everyday's: The First 5000 Days' for $ 69.3 million, made him not only the artist with the third. most expensive work of art for a living artist, but the forerunner of a whole symbolic revolution in works of art.
From his example, many artists have been motivated to move their artistic works to the blockchain as a mechanism to ensure the authenticity of their creation, as did Justin Roiland, the creator of the popular adult animation series Rick and Morty whose collection "Smintons" (a Lovecraftian parody of the popular animated series The Simpsons) sold for 1300 ETH, this was around 2.3 million dollars.
NFT file buying and selling platforms such as Nifty Gateway and Opensea have become saturated with artists whose works sell for prices ranging from $ 850 to $ 9,000, these works include 3D models, illustrations, animations, paintings, and even renders. that digitize real objects.
Music for our… NFTs
If you think that authenticity and exclusivity are only a matter of works of art, I present you with a sweet song written by DJ 3LAU. This famous electronic music artist whose real name is Justin Blau came up with a brilliant idea to combine his music with the blockchain, the result: many millions of dollars.
Ultraviolet by DJ 3lau. Image taken forbes.comBlau organized the auction of 33 non-expendable tokens on the occasion of the third anniversary of his album Ultraviolet, collectibles included a custom song, access to music never before heard on his website, personalized art based on his music, and new versions of the 11 original songs from his album Ultraviolet.
At the end of the auction, the musician obtained a total of 11.7 million dollars, setting several records. Not only was it the largest online NFT sale in history, but the 3.6 million paid for the most expensive token in the auction ranks as the most expensive NFT ever sold in an initial offering, after Beeple's handiwork.
Hearing such beautiful melodies, artists like Grimes, Kings of Leon, and pop star Shawn Mendes joined the sale of their creative works using NFT. The first of these artists pocketed $ 6 million for their tokenized digital art, while the "Kings" would become the first band to release a brand new album entirely as NFT.
Child's play?
We all know the impact that video games have generated in modern culture, especially those played online, where achieving a certain performance, accumulating a certain amount of achievements, or collecting customizations has become an obsession for many gamers today.
Having a unique and unrepeatable item among millions of users was more than enough motivation for someone to pay 600 ETH or $ 1.08 million at the time of purchase for Dragon, the collectible CryptoKitty from the very popular game CryptoKitties.
Can you imagine how much fans could pay to own a personalized or unique weapon that can be used in Fornite, the exclusive use of a certain outfit of a FIFA character or the only character among us with a customizable face, for example.
In a market where they have unique and cool things that distinguish them from the rest of the players, NFTs are a great investment opportunity for developers and video game enthusiasts.
NFTs are one of the fundamental elements of a new blockchain-powered digital economy. These crypto-assets have qualities that allow them to expand their field of application and although their greatest use has been in the visual arts, music, or gamming sectors, digital identity, licenses, and certificates are other natural markets for NFTs.
Thus we have as an example the case of Evidenspace from 0xcert, a product that allows the issuance (and verification) of academic credentials based on the NFTs, as a solution to prevent the issuance of falsified credentials, or GenoBank whose objective is to allow people to be the owners of your DNA code (many companies like 23andMe can sell their genetic code to drug manufacturers), this means that you could sell or donate it yourself at will for product development and scientific research.
With this I conclude the three-chapter miniseries dedicated to Non-Fungible Tokens, I hope I have not bored you and that you have been able to take advantage of the information presented in some way. If you liked this publication and want me to write or develop a particular topic, let me know.
What is your opinion about NFTs? Will it be a fad or will its use become widespread within the digital market? Can you think of other applications? Would you like to tokenize your creations?
Thank you very much for your attention
We keep reading!
Sources considered for this post:
1 Autor desconocido, agosto de 2020, Guía sobre CriptoColeccionables y Tokens No Fungibles (NFTs), www.academy.binance.com
2 Trinity Montoya, 29 de junio de 2020, Los NFT podrían cambiar la manera en la que poseemos las cosas, www.es.cointelegraph.com
3 Forbes Staff, 04/03/2021, ¿Qué son los NFT y por qué alguien pagó US$11 millones por canciones digitales?, www.forbes.co.com
4 Rahul N., 22 marzo 2021, Updated by Luis Jesús Blanco Crespo 9 abril 2021, Los NFT más caros de todos los tiempos](https://es.beincrypto.com/aprende/nft-mas-caros/), www. es.beincrypto.com
5 Anirudh Tiwari, 4 Marzo 2021, Updated by Luis Jesús Blanco Crespo 4 Marzo 2021, La industria de la música aumenta su interés por los NFT, www. es.beincrypto.com
6 Oscar Adame, Mar 30 marzo 2021, ¿Qué son los NFT? Una revolución para el futuro del arte digital y su dudoso éxito en la música, www. warp.la